PHOENIX – Thursday night was a historic one for Phoenix Suns guard Collin Gillespie, breaking a 20-year franchise record and possibly securing him a massive pay day at the end of this season. The 26-year-old swished his 227th 3-pointer in the second quarter vs. the Charlotte Hornets to becoming the Suns’ single-season franchise leader in made 3s. He passed Quentin Richardson and stands alone for one of the oldest franchises in the NBA.

The moment is special for the undrafted guard to be a part of history, but it makes upcoming contract negotiations in free agency complicated for Phoenix, that will have a hard time giving its starting point guard a deserved number.

Mar 21, 2026; Phoenix, Arizona, USA; Phoenix Suns guard Collin Gillespie (12) dribbles against the Milwaukee Bucks during the first half at Mortgage Matchup Center. Mandatory Credit: Joe Camporeale-Imagn Images

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What could Gillespie’s next contract look like?

Gillespie is one a one-year, $2.4 million deal entering the season. The third year guard has appeared in 76 games and averaged 13.0 points, 4.8 assists and 4.1 rebounds, all career highs. In the entire NBA, his Player Efficiency Rating (15.5) is 93rd in the league. That number is next to names like Naz Reid, OG Anunoby, CJ McCollum and Dyson Daniels. The common denominator for all of those names is that they are making $25+ million this season or next.

Jan 23, 2026; Atlanta, Georgia, USA; Phoenix Suns guard Collin Gillespie (12) in action against the Atlanta Hawks in the fourth quarter at State Farm Arena. Mandatory Credit: Brett Davis-Imagn Images

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That is a problem for the Suns, who have four key free agents hitting free agency in 2026. Mark Williams, Amir Coffey, Jordan Goodwin and Gillespie. As of today, Phoenix will only have $22.8 million in space between them and the 1st apron. The franchise has bird rights on its top free agents in Williams and Gillespie, meaning that it can sign them to contract that go over that first apron mark.

Jan 9, 2026; Phoenix, Arizona, USA; Phoenix Suns guard Collin Gillespie (12) against New York Knicks guard Miles McBride (2) in the first half at Mortgage Matchup Center. Mandatory Credit: Mark J. Rebilas-Imagn Images

However, going over that mark, with a team that is currently stranded as the seventh seed in the Western Conference wouldn’t be ideal for general manager Brian Gregory. Going pass the first apron, handicaps Gregory to making future moves to improve the roster.

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If the organization re-signs Goodwin and Coffey to minimum deals, Phoenix could have around 18 million of cushion to divide amongst Williams and Gillespie. Seeing the recent rise of Oso Ighodaro and Khaman Maluach, Williams isn’t a necessity at center, and the team could survive to let him walk. The Suns could trade a player like Grayson Allen, who is making $18 million, or Royce O’Neale, who is making $11 million, to make space to re-sign Williams, but as of right now seems unlikely.

A 4-year deal around $15-$18 million annual could be enough for Gillespie, but him and his agent are sure to test free agency to seek a bigger contract to franchises with cap space like the Memphis Grizzlies and Brooklyn Nets. A potential deal of that size would put him next to players like Andrew Nembhard, Grayson Allen and Max Strus in the top 104-113 top paid NBA players annually.

Nov 21, 2025; Phoenix, Arizona, USA; Phoenix Suns guard Collin Gillespie (12) celebrates with teammates after hitting the game winning shot against the Minnesota Timberwolves in the second half of an NBA Cup game at Mortgage Matchup Center. Mandatory Credit: Mark J. Rebilas-Imagn Images

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Gillespie has obviously earned a massive payday, but the Suns might not be the team to give it to him. Phoenix would be pushing close back to the first apron, a place it can’t afford to go over again because of cap penalties that hinder trade and draft resources. If the franchise doesn’t make a trade to create more cap space before free agency, Gillespie’s deserved high price tag could be out of reach.

Get the BEST Phoenix sports insider information, and exclusive content. SIGN UP HERE to unlock our premium content!*Reporter Tanner Tortorella covers general assignment for Burn City Sports. You can follow him on his X account, @TannerTSports